Sponsor Flow State

• DeFi Technologies, a publicly listed Canadian company, has announced that it is employing the ‘Saylor Strategy’ and adopting Bitcoin as its primary treasury reserve asset.

• ICYMI: We published our weekly Deep Flow yesterday, recapping the past week’s ETF flows, and addressing the question: “What’s up with the Bitcoin price?”

• @skyquake_1 dug into the historically large volume of Bitcoin short interest, and argues that “CME OI [open interest] is indeed a significant amount of [the] ETF flow.”

• @_Checkmatey_ explained how the ‘cash and carry’ trade works, and is being used by hedge funds to collect an almost risk free premium by hedging their Bitcoin ETF investments.

• Brian Morgenstern, head of public policy for Riot Platforms and former deputy press secretary to Donald Trump, wrote an op-ed for Bitcoin Magazine arguing that “Trump is the best choice for Bitcoin.”

• Three Democrat US Senators: Elizabeth Warren, Jacky Rosen, and John Hickenlooper, wrote a letter to Fed Chair Jerome Powell urging him to cut interest rates. They argued that interest rates are current levels “…could push thousands of American workers out of their jobs.” In particular, perhaps, the swing-state Democrats up for re-election this year.

The Whales did what they’ve done consistently for a while (feast), and the Sharks did the same (go hungry).

SMLR was WAY up yesterday. Looks like they’ve find a new class of shareholder. One that really likes the orange coin.

🇺🇸 United States

🥇Bitwise

BITB had the biggest inflow on Monday, bringing in 111 BTC ($7.6m). Probably gives you an indication of how the rest of the field performed…

🥈 Blackrock

IBIT was next, with 90 BTC inflows ($6.3m). The second highest inflow on the day. In fact, after them nobody else managed inflows at all.

🔻Grayscale

GBTC was the biggest loser, sending out 570 BTC ($39.6m). But they weren’t the only ones shedding yesterday.

🧮 Total

All good things come to an end, including inflow day streaks. Yesterday ended the run, with outflows after 19 positive days in a row. In total, 951 BTC ($65m) exited the ETFs.

A couple of surprise outflow culprits included Invesco (300 BTC; $20.5m), and Valkyrie (231 BTC; $15.8m). Neither of whom had posted much activity either way recently. Fidelity even had a surprise outflow day too, though a small one of 44 BTC ($3m).

To sum up: a minor outflow day, which matched the minor BTC dip. Onwards!

And here’s the flows from all the ETFs visualized since launch. In total, they all hold 883k BTC. For the New Nine (ex-GBTC), the total is 599k.

🇭🇰 Hong Kong

Bitcoin ETFs

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BTC vs. ETH

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That’s the state of bitcoin flows for this Tuesday.

Thanks for reading, and I’ll see you tomorrow.

— Julian